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trial balance adjustments

dr cr dr cr
CASH IN BANK ₱ 887,680.20 8400 1200
PETTY CASH FUND ₱ 20,000.00 3810
CHANGE FUND ₱ 3,000.00
ACCOUNTS RECEIVABLE ₱ 74,144.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS ₱ 4,500.00 792.8
NOTES RECEIVABLE ₱ 50,000.00
INTEREST RECEIVABLE 2675
ADVANCES TO EMPLOYEES
CASH DEPOSIT - ANGELES ELECTRIC CORP. ₱ 15,000.00
MERCHANDISE INVENTORY ₱ 340,000.00
STORE SUPPLIES 1300
OFFICE SUPPLIES 900
PREPAID INSURANCE ₱ 40,500.00 18000
LAND ₱ 500,000.00
BUILDING ₱ 1,500,000.00
ACCUMULATED DEPRECIATION-BUILDING ₱ 262,500.00 70000
REPAIR EQUIPMENT AND TOOLS ₱ 273,500.00
ACCUMULATED DEPRECIATION-REP EQUIPT & TOOLS ₱ 72,000.00 20433.33
STORE EQUIPMENT ₱ 180,000.00
ACCUMULATED DEPRECIATION - STORE EQUIPMENT ₱ 67,500.00 18000
FURNITURE AND FIXTURES ₱ 100,000.00
ACCUMULATED DEPRECIATION-FURN & FIXT ₱ 37,500.00 10000
ACCOUNTS PAYABLE ₱ 210,280.00 8400
NOTES PAYABLE
LOAN PAYABLE ₱ 200,000.00
VAT PAYABLE ₱ 48,464.40
UTILITIES PAYABLE 14900
INTEREST PAYABLE 6000
SSS & EC PREMIUMS PAYABLE ₱ 7,640.00
PHILHEALTH PREMIUMS PAYABLE ₱ 1,952.50
HDMF PREMIUMS PAYABLE ₱ 800.00
WITHHOLDING TAXES PAYABLE ₱ 1,176.20
NOEL, CAPITAL ₱ 500,000.00
NOEL, DRAWINGS ₱ 203,000.00
SALES ₱ 9,027,960.00
SALES RETURNS AND ALLOWANCES ₱ 70,000.00
SALES DISCOUNT ₱ 14,290.00
SERVICE INCOME ₱ 1,834,800.00
INTEREST INCOME ₱ 5,600.00 2675
OUTPUT TAX
PURCHASES ₱ 6,793,500.00
FREIGHT-IN ₱ 111,500.00 1460
PURCHASES RETURNS AND ALLOWANCES ₱ 160,000.00
PURCHASE DISCOUNT ₱ 15,000.00
INPUT TAX
SALARIES EXPENSE ₱ 962,000.00
UTILITIES EXPENSE ₱ 165,500.00 14900
DEPRECIATION EXPENSE - BUILDING 70000
DEPRECIATION EXPENSE - REPAIR EQUIPT & TOOLS 20433.33
DEPRECIATION EXPENSE - STORE EQUIPMENT 18000
DEPRECIATION EXPENSE - FURNITURE & FIXTURES 10000
INSURANCE EXPENSE 18000
SSS & EC, PH, AND HDMF CONTRIBUTIONS ₱ 74,488.90
DOUBTFUL ACCOUNTS EXPENSE ₱ 5,600.00 792.80
TRANSPORTATION EXPENSE ₱ 10,050.00 800
DELIVERY EXPENSE ₱ 20,270.00 1250
STORE SUPPLIES EXPENSE ₱ 8,000.00 1300
OFFICE SUPPLIES EXPENSE ₱ 5,050.00 900
INTEREST EXPENSE ₱ 21,500.00 6000
BANK CHARGES ₱ 5,500.00 1200
MISCELLANEOUS EXPENSE ₱ 1,600.00 300
LOSS ON SALE OF AN ASSET ₱ 2,000.00
total ₱ 12,457,673.10 ₱ 12,457,673.10
merCHANDISE INVENTORY end 290000
income summary 290000
total 466411.13 466411.13

₱ -
note number 7
ADJUSTED TB ic spf
dr cr dr cr dr
₱ 894,880.20 ₱ 894,880.20
₱ 16,190.00 ₱ 16,190.00
₱ 3,000.00 ₱ 3,000.00
₱ 74,144.00 ₱ 74,144.00
₱ 3,707.20
₱ 50,000.00 ₱ 50,000.00
2675 2675

₱ 15,000.00 ₱ 15,000.00
₱ 340,000.00 ₱ 340,000.00
1300 1300
900 900
₱ 22,500.00 ₱ 22,500.00
₱ 500,000.00 ₱ 500,000.00
₱ 1,500,000.00 ₱ 1,500,000.00
₱ 332,500.00
₱ 273,500.00 ₱ 273,500.00
₱ 92,433.33
₱ 180,000.00 ₱ 180,000.00
₱ 85,500.00
₱ 100,000.00 ₱ 100,000.00
₱ 47,500.00
₱ 218,680.00

₱ 200,000.00
₱ 48,464.40
14900
6000
₱ 7,640.00
₱ 1,952.50
₱ 800.00
₱ 1,176.20
₱ 500,000.00
₱ 203,000.00 ₱ 203,000.00
₱ 9,027,960.00 ₱ 9,027,960.00
₱ 70,000.00 ₱ 70,000.00
₱ 14,290.00 ₱ 14,290.00
₱ 1,834,800.00 ₱ 1,834,800.00
₱ 8,275.00 ₱ 8,275.00

₱ 6,793,500.00 ₱ 6,793,500.00
₱ 112,960.00 ₱ 112,960.00
₱ 160,000.00 ₱ 160,000.00
₱ 15,000.00 ₱ 15,000.00

₱ 962,000.00 ₱ 962,000.00
₱ 180,400.00 ₱ 180,400.00
70000 70000
20433.33 20433.33
18000 18000
10000 10000
18000 18000
₱ 74,488.90 ₱ 74,488.90
4,807.20 4,807.20
10,850.00 ₱ 10,850.00
21,520.00 ₱ 21,520.00
6,700.00 ₱ 6,700.00
4,150.00 ₱ 4,150.00
27,500.00 ₱ 27,500.00
6,700.00 ₱ 6,700.00
1,900.00 ₱ 1,900.00
2,000.00 ₱ 2,000.00

290000 ₱ 290,000.00
290000 290000
₱ 12,897,288.63 ₱ 12,897,288.63 ₱ 8,770,199.43 ₱ 11,336,035.00 ₱ 4,127,089.20
₱ 2,565,835.57
₱ - ₱ 11,336,035.00
spf
cr

₱ 3,707.20

₱ 332,500.00

₱ 92,433.33

₱ 85,500.00

₱ 47,500.00
₱ 218,680.00

₱ 200,000.00
₱ 48,464.40
14900
6000
₱ 7,640.00
₱ 1,952.50
₱ 800.00
₱ 1,176.20
₱ 500,000.00
###

₱ 1,561,253.63
₱ 2,565,835.57
₱ 4,127,089.20
ACCT#. ACCOUNT TITLES DR CR
CASH IN BANK ₱ 894,880.20
PETTY CASH FUND ₱ 16,190.00
CHANGE FUND ₱ 3,000.00
ACCOUNTS RECEIVABLE ₱ 74,144.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS ₱ - ₱ 3,707.20
NOTES RECEIVABLE ₱ 50,000.00 ₱ -
INTEREST RECEIVABLE ₱ 2,675.00 ₱ -
ADVANCES TO EMPLOYEES ₱ - ₱ -
CASH DEPOSIT - ANGELES ELECTRIC CORP. ₱ 15,000.00 ₱ -
MERCHANDISE INVENTORY ₱ 290,000.00 ₱ -
STORE SUPPLIES ₱ 1,300.00 ₱ -
OFFICE SUPPLIES ₱ 900.00 ₱ -
PREPAID INSURANCE ₱ 22,500.00 ₱ -
LAND ₱ 500,000.00 ₱ -
BUILDING ₱ 1,500,000.00 ₱ -
ACCUMULATED DEPRECIATION-BUILDING ₱ - ₱ 332,500.00
REPAIR EQUIPMENT AND TOOLS ₱ 273,500.00 ₱ -
ACCUMULATED DEPRECIATION-REP EQUIPT & TOO ₱ - ₱ 92,433.33
STORE EQUIPMENT ₱ 180,000.00 ₱ -
ACCUMULATED DEPRECIATION - STORE EQUIPMEN ₱ - ₱ 85,500.00
FURNITURE AND FIXTURES ₱ 100,000.00 ₱ -
ACCUMULATED DEPRECIATION-FURN & FIXT ₱ - ₱ 47,500.00
ACCOUNTS PAYABLE ₱ 218,680.00
NOTES PAYABLE ₱ -
LOAN PAYABLE ₱ 200,000.00
VAT PAYABLE ₱ 48,464.40
UTILITIES PAYABLE ₱ 14,900.00
INTEREST PAYABLE ₱ 6,000.00
SSS & EC PREMIUMS PAYABLE ₱ 7,640.00
PHILHEALTH PREMIUMS PAYABLE ₱ 1,952.50
HDMF PREMIUMS PAYABLE ₱ 800.00
WITHHOLDING TAXES PAYABLE ₱ 1,176.20
NOEL, CAPITAL ₱ 2,862,835.57
INPUT TAX
total ₱ 3,924,089.20 ₱ 3,924,089.20
total
income summary Page
DATE ACCOUNTS & EXPLANATION F DR
SALES ₱ 9,027,960.00
SERVICE INCOME ₱ 1,834,800.00
INTEREST INCOME ₱ 8,275.00
PURCHASES RETURNS AND ALLOWANCES ₱ 160,000.00
PURCHASE DISCOUNT ₱ 15,000.00
Income summary

income summary ₱ 8,770,199.43


Merchandise inventroy
SALES RETURNS AND ALLOWANCES
SALES DISCOUNT
PURCHASES
FREIGHT-IN
SALARIES EXPENSE
UTILITIES EXPENSE
DEPRECIATION EXPENSE - BUILDING
DEPRECIATION EXPENSE - REPAIR EQUIPT & TOOLS
DEPRECIATION EXPENSE - STORE EQUIPMENT
DEPRECIATION EXPENSE - FURNITURE & FIXTURES
INSURANCE EXPENSE
SSS & EC, PH, AND HDMF CONTRIBUTIONS
DOUBTFUL ACCOUNTS EXPENSE
TRANSPORTATION EXPENSE
DELIVERY EXPENSE
STORE SUPPLIES EXPENSE
OFFICE SUPPLIES EXPENSE
INTEREST EXPENSE
BANK CHARGES
MISCELLANEOUS EXPENSE
LOSS ON SALE OF AN ASSET

Income summary ₱ 2,565,835.57


NOEL, CAPITAL

NOEL, CAPITAL ₱ 203,000.00


income summary
CR

₱ 11,046,035.00

₱ 340,000.00
₱ 70,000.00
₱ 14,290.00
₱ 6,793,500.00
₱ 112,960.00
₱ 962,000.00
₱ 180,400.00
₱ 70,000.00
₱ 20,433.33
₱ 18,000.00
₱ 10,000.00
₱ 18,000.00
₱ 74,488.90
₱ 4,807.20
₱ 10,850.00
₱ 21,520.00
₱ 6,700.00
₱ 4,150.00
₱ 27,500.00
₱ 6,700.00
₱ 1,900.00
₱ 2,000.00

₱ 2,565,835.57

₱ 203,000.00
Noel Auto Supply
Income statemet
for the year end

NET SALES NOTE 1 ₱ 8,943,670.00


COST OF SALES NOTE 2 ₱ 6,781,460.00
GROSS INCOME ₱ 2,162,210.00
SERVICE INCOME ₱ 1,834,800.00
INTEREST INCOME ₱ 8,275.00
OPERATING EXPENSES NOTE 3 ₱ 1,409,949.43
OPERATING INCOME ₱ 2,595,335.57
INTEREST EXPENSE ₱ 27,500.00
LOSS ON SALE OF AN ASSET 2000
NET INCOME ₱ 2,565,835.57
Noel auto supply
financial position
december 31,2018

Assets
current assets
cassh and cash equivalents note(1)
trade and other receivable note(2)
merchandise inventory note(3)
prepaid expenses note(4)
total current Assets
Non current assets
Property and equipment note
other non-current asset(Deposit-AEC)

Total non current asset


Total Assets

Liabilities and owner's equity


current liability
trade and other payable note

Non current liability


loan payable
Total liability
owners equity
Noel, capital
Total liabiities and owner equity
STATEMENT OF FINANCIAL POSITION

ASSETS
₱ 894,880.20 CURRENT ASSETS
₱ 123,111.80 CASH & CASH EQUIVALENTS
₱ 3,000.00 TRADE & OTHER RECEIVABLES
22500 MERCHANDISE INVENTORY
148611.8 PREPAID EXPENSES
TOTAL CURRENT ASSETS
₱ 1,995,566.67
₱ 15,000.00 PROPERTY , PLANT & EQUIPMENT
2010566.67 OTHER ASSETS
₱ 4,021,133.34 CASH DEPOSIT-AEC
₱ 4,169,745.14 TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY


₱ 299,613.10 CURRENT LIABILITIES
TRADE & OTHER PAYABLES
NON-CURRENT LIABILITIES
₱ 200,000.00 loan payable
499613.1 Total liability
owners equity
₱ 2,862,835.57 Noel, capital
3362448.67 Total liabiities and owner equity

eto tama
OF FINANCIAL POSITION

EQUIVALENTS NOTE 4 914,070.20


ER RECEIVABLES NOTE 5 123,111.80
E INVENTORY 290,000.00
NOTE 6 24,700.00
1,351,882.00

NOTE 7 1,995,566.67

15,000.00
3,362,448.67

ND OWNER'S EQUITY

ER PAYABLES NOTE 8 299,613.10

₱ 200,000.00
499,613.10

₱ 2,862,835.57
3,362,448.67 -
Notes to financial statement
income statement

Note:1 Gross sales ₱ 9,027,960.00


less sales return and allowance ₱ 70,000.00
less sales discount ₱ 14,290.00
Net sales ₱ 8,943,670.00

Note 2 cost of of Good sold


Merchandise Inventory, January 1
add net cost of purchase:
Purchase
add freight in
totalcost of goods delivered
less purchase returns and allowance ₱ 160,000.00
purchase discount ₱ 15,000.00
total goods available for sale
less merchandise inventory Dec 31
cost of good sold

Note 4 Operating expenses


SALARIES EXPENSE ₱ 962,000.00
UTILITIES EXPENSE ₱ 180,400.00
DEPRECIATION EXPENSE - BUILDING ₱ 70,000.00
DEPRECIATION EXPENSE - REPAIR EQUIPT & TOOLS ₱ 20,433.33
DEPRECIATION EXPENSE - STORE EQUIPMENT ₱ 18,000.00
DEPRECIATION EXPENSE - FURNITURE & FIXTURES ₱ 10,000.00
INSURANCE EXPENSE ₱ 18,000.00
SSS & EC, PH, AND HDMF CONTRIBUTIONS ₱ 74,488.90
DOUBTFUL ACCOUNTS EXPENSE ₱ 4,807.20
TRANSPORTATION EXPENSE ₱ 10,850.00
DELIVERY EXPENSE ₱ 21,520.00
STORE SUPPLIES EXPENSE ₱ 6,700.00
OFFICE SUPPLIES EXPENSE ₱ 4,150.00
BANK CHARGES ₱ 6,700.00
MISCELLANEOUS EXPENSE ₱ 1,900.00
total ₱ 1,409,949.43
Balance sheet
note 6

note 7
₱ 340,000.00

₱ 6,793,500.00
₱ 112,960.00
₱ 6,906,460.00

₱ 175,000.00 ₱ 6,731,460.00 note 8


₱ 7,071,460.00
290000
₱ 6,781,460.00

Note 9

note 10
cash and cash equivalents
cash in bank ₱ 894,880.20
petty cash fund ₱ 16,190.00
change fund ₱ 3,000.00
Total ₱ 914,070.20

trade and other receivable


accounts receivable ₱ 74,144.00
allowance for doubtful acocunts ₱ 3,707.20
notes receivable ₱ 50,000.00
interest receivable ₱ 2,675.00
total ₱ 123,111.80

store supplies 1300


office supplies 900
prepaid insurance 22500
total 24700

land ₱ 500,000.00
building ₱ 1,500,000.00
less accum dep ₱ 332,500.00 ₱ 1,167,500.00
repauir and equip tools ₱ 273,500.00
less accum dep ₱ 92,433.33 ₱ 181,066.67
store equipment ₱ 180,000.00
less accum dep ₱ 85,500.00 ₱ 94,500.00
furniture and fixtures ₱ 100,000.00
less accum dep ₱ 47,500.00 ₱ 52,500.00
total ppe ₱ 1,995,566.67

ACCOUNTS PAYABLE ₱ 218,680.00


NOTES PAYABLE ₱ -
VAT PAYABLE ₱ 48,464.40
UTILITIES PAYABLE ₱ 14,900.00
INTEREST PAYABLE ₱ 6,000.00
SSS & EC PREMIUMS PAYABLE ₱ 7,640.00
PHILHEALTH PREMIUMS PAYABLE ₱ 1,952.50
HDMF PREMIUMS PAYABLE ₱ 800.00
WITHHOLDING TAXES PAYABLE ₱ 1,176.20
total non-current asset ₱ 299,613.10
noel auto supply
capital statement
for the year ended december 31,2018

Noel, Capital January 1 ₱ 500,000.00


add net income ₱2,565,835.57
total ₱3,065,835.57
ledd rogerCases, drawings ₱ 203,000.00
capital december 31 ₱2,862,835.57